Opinion Economy Bridging investment between the Gulf and Africa Building investor confidence in Africa as a viable business destination is paramount October 20, 2023
Industry UAE steel maker signs rail transport deal with Oman Oman and Etihad Rail Company, the developer and operator of the Oman and UAE rail network, has signed an agreement with UAE-based Emirates Steel Arkan to boost cross-border supply chains by facilitating the export of raw limestone. The rail company will provide logistics solutions to manage the transportation of raw limestone from Oman to Emirates […] October 17, 2023
Economy RAK outlook upgraded as hotel building steps up Ras Al Khaimah’s tourism and infrastructure projects, including the $3.9 billion Wynn Al Marjan Island resort, could strengthen the emirate’s growth prospects over the next two to three years, S&P Global Ratings said on Monday. S&P now rates RAK’s long-term outlook as “positive”, upgrading it from “stable”. The ratings agency is also forecasting that RAK’s […] October 16, 2023
Energy Aramco explores possible bid for Shell’s Pakistan assets Saudi Aramco, the world’s largest oil producer, is considering bidding for Shell Plc’s assets in Pakistan, Bloomberg reported, citing informed sources. The potential acquisition will be the first for the Saudi oil giant in the South Asian nation. Aramco is studying the Shell assets, including Karachi-listed Shell Pakistan Limited, which has a market value of […] October 15, 2023
Opinion Oil & Gas Prepare for peak oil, but GCC has no need to panic Saudi Arabia and other GCC producers will capture a larger share of the shrinking market October 9, 2023
Analysis Oil & Gas Gulf invests in major oil refinery upgrade programme Gulf states are expanding their oil refining capacity through a series of massive upgrades, at the same time as they drive towards net zero and seek to move away from petroleum and natural gas. The apparent contradiction is, however, only apparent. From Az-Zour in Kuwait to Duqm in Oman, the refinery upgrades are central to […] September 28, 2023
Industry Algeria’s rail tender aims to boost iron ore mining sector Algeria has issued a construction tender for a rail project that the government hopes will unleash the potential of an iron ore mine in a remote province. Anesrif, a transport business set up by the government to expand and modernise the railway system, is seeking companies to build a 575km section to the Gâra Djebilet […] September 26, 2023
Trade Northern Ireland keen to deepen trade ties with Gulf The recent Brexit deal for Northern Ireland places it in a strong position to deepen trade links with the Middle East and North Africa (Mena), especially in manufacturing and life sciences, according to the regional head of Invest Northern Ireland. The economic development agency aims to grow the number of Northern Irish businesses active in […] September 18, 2023
Finance Pakistan reveals Saudi investment of $25 billion Saudi Arabia will invest up to $25 billion over two years in Pakistan, according to a statement from Pakistan’s caretaker prime minister Anwaar-ul-Haq Kakar. The announcement was made to journalists at Mr Kakar’s residence in Islamabad, citing mining, agriculture and information technology as the main sectors to benefit. There was no Saudi statement about the […] September 5, 2023
Renewable Energy Saudi company invests in US battery maker Pure Lithium Saudi Arabian investment company Energy Capital Group has announced a collaboration with US tech startup Pure Lithium to develop renewable batteries. The batteries will use lithium extracted from oilfield brines, giving a further boost to Saudi Arabia’s plans to dominate in green industries. Based in Riyadh, Energy Capital Group did not disclose how much it […] September 1, 2023
Manufacturing Tunisia to scale up phosphate production Tunisia’s state-owned phosphate company is getting ready to ramp up production as part of its TD235 million ($76 million) investment programme. Next month the Gafsa Phosphate Company (CPG) will receive the first batch of machinery, including equipment to increase its capacity to transport raw phosphate and extract commercial phosphate. It will also take delivery of […] August 28, 2023
Industry Salalah Free Zone in Oman attracts $1.9bn investment Oman’s Salalah Free Zone, a subsidiary of Asyad Group, has secured investment worth OMR727 million ($1.9 billion) during the first half of 2023. Five new land lease agreements were signed during the period, taking the total number of deals to 127 and valued at OMR4.5 billion, the state-run Oman News Agency reported. The new agreements […] August 28, 2023
Analysis Trade Joramco flies high as UAE and Jordan deepen industrial ties Commercial aircraft maintenance operator Joramco is establishing a new Boeing Converted Freighter production line in the Jordanian capital of Amman. The company, which is part of Dubai Aerospace Enterprise, is flying the flag for trade relations between the UAE and Jordan as they expand their joint industrial ambitions. Joramco said the new venture will support […] August 24, 2023
Industry Saudi Arabia announces eight mining tenders Saudi Arabia’s Ministry of Industry and Mineral Resources has designated eight zones in the Riyadh region and the Eastern Province to be opened to tender, the Saudi Press Agency has said. The mining zones were listed as Ghunan, Al-Masnat, Al-Summan, Ras Al-Qarya, and eastern and western Salwa in the Eastern Province, the gravel stone complex […] August 16, 2023
Industry Saudi industrial production drops as inflation cools Saudi Arabia’s headline inflation rate dropped for the second month in succession to 2.3 percent in July from 2.7 percent in June, the slowest outturn since the middle of last year. The main drivers of price increases throughout the month were housing, water, electricity, gas and other fuels, which increased by 8.6 percent year on […] August 15, 2023
Analysis Renewable Energy Oman takes green hydrogen gamble Sometimes it takes a country. Oman is dedicating an area the size of Slovakia to solar power projects to produce green hydrogen – gas produced entirely from renewable sources. On June 1 Salim bin Nasser Al Aufi, minister of energy and minerals, signed $20 billion of contracts with partners including BP, Shell and the newly […] August 14, 2023
Industry Rising funding costs hit Ma’aden’s Q2 earnings by 91% The net profit of Saudi Arabian Mining Co (Ma’aden) fell 91 percent in the second quarter of 2023, hit by rising funding costs and falling sales prices. The mining major reported a profit of SAR350.94 million ($93.53 million) in the quarter to June 2023, compared to SAR4.02 billion in the same period last year, according […] August 14, 2023
Oil & Gas Oil cuts drag down Saudi industrial activity Saudi Arabia’s industrial production fell 1.6 percent in June, as oil production cuts lowered reported mining and quarrying productivity. The decline was reported in new data from the General Authority for Statistics (GSTAT) published on August 10. Manufacturing activity increased by 10.1 percent compared to the same month of the previous year. Electricity and gas […] August 10, 2023
Industry Alba earnings fall 84% during global economic woes Aluminium Bahrain (Alba) reported a profit of BD29.9 million ($79.5 million) for the second quarter of 2023, a drop of 83.6 percent year on year, as global economic challenges weighed down its earnings. Revenue fell 25.6 percent to BD387 million in the quarter from BD520.4 million a year earlier. Production reached 405,628 metric tonnes, an […] August 10, 2023
Exclusive Sustainability Omani firm aims to rock the world by mineralising CO2 Omani carbon mineralisation startup 44.01 plans global expansion after being named a winner of last December’s Earthshot Prize for its innovative technology. The company expects to start work in the UAE on its first pilot project outside Oman mineralising peridotite rock later this year. Peridotite – a rock found in Oman as well as in […] August 9, 2023
Transport Oman-Etihad Rail signs pact to transport steel exports Oman and Etihad Rail Company has agreed a deal to transport steel on its rail network between the sultanate and the UAE. The developer and operator of the $3 billion railway line, has agreed to carry steel products from Oman-based Jindal Shadeed Iron & Steel’s (Jindal) steel complex to the UAE. The steel producer will transport […] August 3, 2023
Development Saudi venture buys 10% of world’s largest copper maker Manara Minerals, a joint venture between Saudi Arabian Mining Co (Ma’aden) and the sovereign Public Investment Fund (PIF), will acquire a stake in Brazilian miner Vale’s subsidiary. Manara Minerals will buy 10 percent of Vale Base Metals Limited (VBM), while US investment firm Engine No. 1 will acquire three percent. The two agreements are worth […] July 28, 2023
